Section 794A — Corporations Act 2001: ASIC’s directions power—promoting compliance

(1) If ASIC considers that a market licensee is not complying or is not likely to comply with its obligations as a market licensee under this Chapter, ASIC may give the licensee a written direction: (a) to do specified things that ASIC believes will promote compliance by the licensee with those obligations; or (b) to refrain from doing specified things, if ASIC believes that refraining from doing those things will promote compliance by the licensee with those obligations. (2) The licensee must comply with the direction. (3) If the licensee fails to comply with the direction, ASIC may apply to the Court for, and the Court may make, an order that the licensee comply with the direction. (4) ASIC may vary or revoke a direction at any time by giving written notice to the licensee. (5) If, at any time after the licensee receives a direction, the licensee requests in writing that ASIC refer the matter to the Minister, ASIC must do so immediately. (6) The Minister may, if the Minister considers it appropriate after being referred the matter, direct ASIC to vary or revoke the direction. (7) ASIC must comply with the direction given under subsection (6) immediately. (8) A direction under subsection (6) is not a legislative instrument.